Samsung C&T and NuScale executives hold meeting at headquarters of NuScale Power in the US state of Oregon on Monday to reach agreement for comprehensive partnership for joint market development and expansion. (Samsung C&T)
Samsung C&T Corp., the construction unit of Samsung Group, has partnered with NuScale, the leading small modular reactor (SMR) technology provider, to expand its SMR business into the global market.
Samsung C&T CEO Oh Se-chul and NuScale CEO John Hopkins gathered at the headquarters of NuScale Power in the US state of Oregon on Monday to form a comprehensive partnership for joint global SMR market development and expansion.
Samsung C&T has been continuously enhancing its strategic partnership with NuScale through equity investment of $20 million in the SMR provider in 2021 and an additional $50 million this year.
Under the agreement, the two companies will be sharing technologies and capabilities by exchanging engineers even from the construction plant establishment phase. In doing so, it would help advance the Utah Associated Municipal Power Systems’ ongoing SMR project in Idaho that is slated to start commercial operations by 2029.
Samsung C&T, which built 10 nuclear power plants in South Korea, also plans to actively engage in the SMR projects that NuScale is working on with the Romanian government in Europe.
“The reinforced partnership with the leading SMR player will serve as a foothold for the expansion into the steadily growing global SMR market,” said Oh. “Samsung C&T is committed to become a leader by fortifying its new green businesses portfolio composed of SMR, hydrogen, ammonia and renewables.”
NuScale CEO Hopkins said it is “especially grateful to have a world-renowned partner in Samsung C&T” as it works toward bringing its groundbreaking, advanced nuclear technology to countries and communities around the world.
“Building upon the incredible momentum of this existing partnership, today’s announcement is a key example of smart collaboration among nuclear industry leaders and innovators,” Hopkins said.